Monday, October 26, 2020

Fugitive Malaysian financier Jho Low denies masterminding 1MDB money laundering scandal

-

Fugitive Malaysian financier Low Taek Jho has said he only acted as an intermediary for deals involving 1MDB, denying in an interview published on Monday that he had set the stage for the theft of billions of dollars from the Malaysian state fund.

Low faces charges in the United States and Malaysia for his alleged central role in defrauding up to $4.5 billion from 1Malaysia Development Berhad (1MDB), founded by former Malaysian Prime Minister Najib Razak and the subject of the U.S. Department of Justice’s largest ever anti-kleptocracy case.

Low, or Jho Low as he is popularly known, has consistently denied wrongdoing and says the charges against him are politically motivated.

“People and companies act as introducers or intermediaries all the time,” Low said in an interview with Singapore’s Straits Times.

- Advertisement -

“This is not a unique situation. I was requested to assist because of my good relationships with influential foreign businessmen and decision makers.”

A spokesman for Low did not immediately respond to a request for additional comments.

To a question on why he has remained on the run, Low said the Malaysian government has victimized him and his family, ignoring “basic human rights and fair judicial processes” by branding him as the mastermind behind the scandal.

Malaysia’s prime minister’s office did not immediately respond to a request for comment.

- Advertisement -

Low said his “professional connections” had helped Malaysia build strong ties with key allies, particularly Saudi Arabia, boosting Haj pilgrimage quotas for Malaysian Muslims and investments in financial, real estate and other sectors in the Southeast Asian country.

Low declined to divulge his current location but confirmed he was offered asylum in August last year. He did not name the country offering asylum.

In November, U.S. authorities struck a deal with Low to recoup $1 billion in funds allegedly looted from 1MDB, which included a private jet, high-end real estate in Beverly Hills, New York and London, and other assets.

The deal does not include an admission of guilt or wrongdoing and is not tied to the criminal action against Low.

Low – who said he has had “multiple brushes with cancer” – said he now plans to focus on investing in cutting-edge cancer research.

“I would cherish the opportunity to reinvigorate my philanthropic efforts and to give back to the community and help others in any way I can.”

MUST READ

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

US financial watchdog fines bitcoin mixer operator $60m for money laundering

The founder and operator of some of the first "mixing" services in crypto will have to cough up $60 million to United States regulators,...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Judge opposed dismissal of bribery charge against former Portage mayor Synder

A judge denied Thursday two motions to dismiss a soliciting bribes charge former Portage Mayor James Snyder will be retried on, according to court...

Judge orders billionaire Greg Lindberg to report to prison after conviction for bribery

Try as he might to extend his freedom, Durham businessman and convicted felon Greg Lindberg will become a federal inmate on Tuesday. Lindberg, the billionaire...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks